BONE, the governance token of Shiba Inu, has experienced a significant uptick in the past week with its price surging by double digits during this period. At the time of writing, BONE has seen an increase of 0.5% in the past 24 hours reaching $1.20. Additionally, the token has witnessed a weekly rise of more than 40% making it the best performer among the top 100 tokens. 

This spike holds major significance as BONE has managed to be bullish despite the recent market sell-off, which has left the crypto market in a bearish state. The recent growth of BONE could be attributed to the statement of Shitoshi Kusama, the lead developer of Shiba Inu. 

Kusama Provides Tentative Date For Shibarium Launch 

Kusama had earlier in the week disclosed a potential date for the launch of Shibarium, the highly anticipated Layer-2 blockchain that would power the Shiba Inu ecosystem. According to a blog post on July 6, Kusama stated that the mainnet launch of Shibarium could be discussed and unveiled at the Blockchain Futurists Conference scheduled to take place in Toronto in August. 

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Kusama further defined the role of the multiple token systems that would be supported by Shibarium. According to him, the Shiba Inu ecosystem would be divided into four sections with each section utilizing a unique token. SHIB would be used to govern the community, while BONE governs and support community technology (such as Shibarium gas fees), LEASH would cater to community security and provides exclusivity, and TREAT moderates and enhances community projects. 

Following this disclosure, the price of BONE experienced a major uptrend due to the positive sentiments from the community. BONE’s unique role in relation to Shibarium gas fees makes it a vital token within the Shiba Inu ecosystem. 

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Shibarium is also seen as a significant development and has attracted the attention of many within the crypto community. Since its launch on March 11, PuppyNet, the testnet for Shibarium has displayed remarkable activities. The testnet has witnessed more than 27.5 million transactions from over $17 million wallets. This high level of activity on the Shibarium testnet is a major indicator of the potential of the network and BONE is central to this. 

BONE Price Prediction 

 BONE has experienced a consistent upward trend since June 11, after it bottomed at $0.665. Since then, its price has increased by 100% in today’s trading reaching a high of $1.35.  This positive trend is likely to continue in the coming weeks with more developments expected to be deployed on Shibarium. 

This will invariably trickle down to BONE providing more thrust for the memecoin to break new resistance limits. At the moment the current resistance mark is $1.5 and if there’s a major correction, the next support levels are $1.30 and $1.25, respectively.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured Image from unSplash, chart from TradingView and Coingecko

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Filed under: Bitcoin - @ July 9, 2023 7:00 am